Cash-strapped Malaysian offshore contractor Sapura Energy has highlighted significant improvements in its annual results, despite reporting another net loss.

The company is burdened by borrowings of 10.6 billion ringgit, which is included in total liabilities of 15.6 billion ringgit, but recently won a short reprieve that will keep its creditors at bay for a further three months.

Sapura reported an annual net loss of 3.2 billion ringgit ($720 million) for the 2022-2023 financial year that closed on 31 January, but pointed to the improvement from the previous financial year’s loss of 8.9